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Suzano (SUZB3) investor relations material
Suzano Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved a 7% year-over-year reduction in cash cost, now below BRL 800 per ton, driven by operational efficiencies, lower wood and input costs, and FX appreciation.
Adjusted EBITDA reached R$5.2 billion, down 20% year-over-year, mainly due to lower pulp prices and currency depreciation, partially offset by higher sales volumes and improved efficiency.
Net income was R$1,961 million, a 39% decrease year-over-year, reflecting lower financial results and reduced net revenue.
US packaging business and paperboard assets delivered their first positive EBITDA since acquisition.
Focus remains on extracting value from recent investments, including Suzano Packaging, the new tissue mill in Aracruz, and the JV with Cascades.
Financial highlights
Leverage in dollar terms increased to 3.3x due to lower LTM EBITDA from reduced pulp prices, while net debt remained stable quarter-on-quarter.
Adjusted EBITDA margin was 43%, down from 53% a year ago; free cash flow yield (LTM) was 18.1%, up 1.2 p.p. year-over-year.
Liquidity stood at US$6.5 billion, up from US$5.7 billion a year ago.
Issued $1 billion in new 10-year bonds at the lowest corporate spread in company history and repurchased short-term bonds, extending average debt maturity to 80 months at a stable 5% cost.
Net revenue totaled R$12,153 million, a 1% decrease year-over-year, with 81% from exports.
Outlook and guidance
Confident in delivering the most competitive quarterly cash cost in Q4 2024-2025 and maintaining a full-year average near Q4 2024 levels.
CAPEX guidance for 2025 reaffirmed at BRL 13.3 billion, with a declining trend expected for 2026 as major projects conclude.
Further reduction in cash production cost expected for 4Q25, with continued focus on operational efficiency and cost control.
New tissue mill in Aracruz and JV with K-C/Cascades progressing as planned, with benefits expected from 4Q25.
Impact of pulp supply shifts on market balance?
Why did US$ leverage increase despite stable debt?
Evaluate Suzano Packaging US profitability trajectory.
Beyond Q4, what sustains cash cost below BRL 800?
What factors could shift pulp price cycle dynamics?
K-C JV: What are the main value creation levers?
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Investor Day 202511 Dec, 2025
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Frequently asked questions
Suzano S.A. is a pulp and paper company that produces eucalyptus pulp, printing and writing paper, and packaging materials. The company also engages in forestry and biomass energy generation. It is headquartered in São Paulo, Brazil, and its shares are listed on the B3.
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